Some of the best retention strategies have nothing to do with compensation. What non-monetary factor has had the biggest impact in your organization?
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I had an exit interview recently where the employee said: "The job was not the problem." It was the team culture. That stayed with me. We spend a lot of time talking about pay, workload, recruitment and retention. Yet so many people leave because of how they felt every day at work. Have you ever left a role because of the culture rather than the job itself?
I don't understand why I'm the villain here. I was handed an email template for layoffs and a list of 112 employee emails to send it to. So I did. I get that everyone is upset about losing their jobs but complaining that they were laid off via email is a little crazy. Is there a good way to do these things? Is the CEO and I supposed to sit down with 112 people individually and tell them they're out of a job? Would that really make people feel better?
Is anyone else concerned about job applications asking for your Social Security number upfront before an interview or offer? With identity theft and fraud being so common, it feels like this information should only be requested during hiring paperwork after an offer is made. Curious how others handle this.
LOL! In this economy... you don't think money retains workers? You don't think compensation strategy is one of the greatest drivers of retention? You aren't serious... This isn't 2015 economy... The math to do is turnover cost v increased compensation...can your budget afford greater labor cost? What are your shareholders willing to give up? The IRS removed meals as tax write off for employees, no more pizza in the break room as a write off... Retention strategies that work: good comp structure, Pay people to stay. leadership development: train your managers to lead with respect, empathy, civility, and trust.... benefit strategy: tout all your benefits through the full employee life cycle ...
People do not work for non-monetary factors. Pay them.
For me, it is leadership and feeling valued. I have seen people stay in difficult roles because they felt supported, and leave better paid ones because they did not.
Here’s my Hot Take - Unless it’s indirect pay: More vacation, better benefits, employee discount programs or something of value to me - I want to be paid for my time. Frankly, this is that “we’re a family” red flag BS that companies play while they pay people trash wages. The company focuses on EBITDA, revenue, P&L’s; the same way employees do in their personal lives with take home pay. The best retention strategy is paying people, full stop. If you’re a cheap-ass company you’ll constantly wonder “why do people leave?”. It’s “logic” like this and hot garbage pay. Get your bag 💰 or get a new job - life is too short for pizza parties instead of raises. And if it’s not pay - which it is 99% of the time, then It’s recognition and culture or a toxic manager.
The #1 reason people leave companies is because they don’t want to work with their boss (poor leadership, biased or unfair management practices, etc). You spend 40 hours a week with a bad boss….but you make good money- not a sustainable situation. People leave managers, not companies.
I believe that effective leadership is the foundation of a successful organisation too where people are willing to stay and grow. When leadership is strong, people thrive, culture flourishes, and results follow.